At the end of the day, a pig is a PIGS and the Bundesbank isn’t interested in spending inordinate euros there anymore.
The ECB is reporting a stark drop in bond purchases in Italy, Portugal and Spain, during the month of July. This is exactly the opposite of what was being reported in July too, by the way. Remember when they said bond purchases would focus on size of the nation’s debt and not the size of the nation? Investors took that news and bought the shit out of periphery debt.
Overall purchases fell 3.3% from June, with Portuguese bond purchases falling to a record low of just $1.1b, significantly below target.
Related, European markets are being shattered, off in excess of 1.5% and sinking quickly.
The Japanese yen is rising again, now up 0.7% v the dollar.
Happy Tuesday!
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Signs of the impending economic apocalypse are everywhere. It’s just so much fun to anticipate what the trigger will be….the proverbial straw on the camel’s back.
Until then is just buy low, sell high.
Good day to all! 🙂